In an interview with the German business daily newspaper Börsen-Zeitung, Bundesbank President Joachim Nagel makes the case for further interest rate hikes. “Monetary policy tightening is not subject to fixed playing times after which the referee blows his whistle,” he says. “We can only stop once it is assured that we will bring the euro area inflation rate back down to our medium-term target of 2%.”
Around 44,100 counterfeit euro banknotes with a nominal value of just under €2.7 million were withdrawn from circulation in Germany in 2022. There was a 5.2% increase in the number of counterfeits compared with the previous year.
High inflation is certainly placing a heavy strain on families, firms and our economies as a whole, said Bundesbank President Joachim Nagel in a joint interview with François Villeroy de Galhau, Governor of the Banque de France. Referring to the ECB Governing Council´s aim of achieving an inflation rate of 2% in the euro area in the medium term, Nagel emphasized: “We need to rein in inflation.”
Smartphone payments are becoming more popular Younger people in particular like to pay by smartphone
In Germany, who reaches for their smartphone when paying? A new study by the Bundesbank shows that it is mainly younger people who do so, as well as those who shop and bank online and are open to technological trends. “Demographic developments thus make it likely that the use of mobile payment methods will increase in the future”, the Bundesbank’s economists write in the current issue of the Monthly Report. As things stand today, however, mobile payments are still lagging far behind cash and debit or credit cards.